CALGARY, Aug. 2 /CNW/ - Alhambra Resources Ltd. ("Alhambra" or the
"Corporation") is pleased to announce that the Corporation has obtained
appropriate shareholder and final Court approval in respect of the Plan of
Arrangement ("Arrangement") proposed to be completed between the Corporation,
its shareholders and Dot Resources Ltd., particulars of which were disclosed
in previous news releases of the Corporation dated June 20, July 4 and
July 12, 2007.
At a special meeting of the shareholders of the Corporation held on
July 31, 2007, the shareholders of the Corporation approved the Arrangement
with approximately 99% of all votes cast in favour of the Arrangement. In
addition, the final order of the Court of Queen's Bench of Alberta approving
the Arrangement was obtained on August 1, 2007.
As part of and concurrent with completing the Arrangement, Dot Resources
Ltd. is currently obtaining subscription agreements, through its agent MGI
Securities Inc., for purposes of completing the private placement of up to
11,500,000 Dot units at a price of C$0.20 per Dot unit for aggregate gross
proceeds of up to C$2,300,000. The proceeds from this private placement are
required to meet TSX Venture Exchange Inc. minimum listing requirements.
The Arrangement will become effective upon completion of the private
placement and filing with the Registrar of Corporations in the Province of
Alberta, Articles of Arrangement of the Corporation and a copy of the final
order, together with such other material as maybe required by the Registrar of
Corporations and the issuance by the Registrar of a Certificate of
Arrangement. It is expected that the private placement will be completed and
the effective date of the Arrangement will occur on or before August 15, 2007.
Alhambra is a Canadian based gold exploration and production corporation
engaged in the exploration of and production from its 100% owned Uzboy
Project. Alhambra is currently in its sixth year of operations in the Republic
Alhambra common shares trade on The TSX Venture Exchange under the symbol
ALH and in Germany on the Frankfurt Open Market under the symbol A4Y. The
Corporation's website can be accessed at www.alhambraresources.com.
The TSX Venture Exchange Inc. has neither approved nor disapproved the
information contained herein.
This news release contains forward-looking information including but not
limited to comments regarding the timing and content of upcoming work programs
and potential mineral recovery processes. Forward-looking information includes
disclosure regarding possible future events, conditions or results of
operations that is based on assumptions and courses of action, and therefore,
involves inherent risks and uncertainties. For any forward-looking information
given, management has assumed that the analytical results it has received are
reliable and the metallurgical testing methodologies applied are consistent
with industry standards. Although management has a reasonable basis for the
conclusions drawn, actual results may differ materially from those currently
anticipated in such statements. For such statements, we claim the safe harbor
For further information:
For further information: Elmer B. Stewart, President & Chief Operating
Officer, (403) 228-2855; Ihor P. Wasylkiw, Chief Information Officer, (403)
508-4953; Jim Clarke, Investor Relations, 1-888-290-1335 (Toll Free)